Traders works inside the dealing room in Hana Bank in central Seoul, Tuesday. Yonhap
Korean stocks opened sharply higher on Tuesday ahead of the deadline for a two-week ceasefire in the U.S.-Iran war.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 123.67 points, or 1.99 percent, to 6,342.76 as of 9:23 a.m., on pace to break another record.
The previous high was on Feb. 26, when the index closed at 6,307.27 points.
Overnight, major stock indexes on Wall Street closed lower, with the S&P500 inching down 0.24 percent and the tech-heavy Nasdaq falling 0.26 percent.
Investors are keeping a close eye on the Middle East situation, with the deadline for the ceasefire nearing.
U.S. President Donald Trump said the ceasefire will end on "Wednesday evening Washington time," adding that it would be "highly unlikely" he would extend it if a deal is not reached before then.
Iran's foreign ministry, however, said there were no plans for talks "as of now."
"While the U.S.-Iran issue remains important, the market appears to be looking for direction based on corporate earnings," said Seo Seong-yong, an analyst from Mirae Asset Securities.
Most large-cap shares were trading higher.
Source: Korea Times News
